Valley National Bancorp Announces the Receipt of Required Regulatory Approvals for the Acquisition of the Westchester Bank Holding Corporation

NEW YORK, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, (“Valley”) announced that regulatory approvals for the previously announced acquisition of The Westchester Bank Holding Corporation (“Westchester”), and its banking subsidiary The Westchester Bank has been received from the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the New York State Department of Financial Services. No further regulatory approvals are required to complete the acquisition and merger of Westchester into Valley. Westchester stockholders had previously approved the merger on October 5, 2021.

The acquisition is anticipated to close on December 1, 2021, pending the satisfaction of customary closing conditions. Upon closing, Valley will provide Westchester customers with comprehensive information relating to the anticipated conversion of their accounts.

About Valley

As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $41 billion in assets as of June 30, 2021. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations across New Jersey, New York, Florida and Alabama, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Care Center at 800-522-4100.

Forward Looking Statements

The foregoing contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about our business, new and

existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations, including the potential effects of the COVID-19 pandemic on our businesses and financial results and conditions. These statements may be identified by such forward-looking terminology as “should,” “expect,” “believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “typically,” “usually,” “anticipate,” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to: